U.S. crude oil futures jumped to a four-year intraday high on Thursday, April 30, 2026, after reports that U.S. Central Command chief Admiral Brad Cooper presented President Trump with expanded military options against Iran — including a planned “short and intense wave of strikes” reportedly under review.

WTI futures touched $111.05 per barrel intraday before turning lower, settling at $105.09 per barrel as profit-taking and uncertainty over actual policy direction tempered the move. Brent crude reached $114.10 intraday before settling at $110.40 — both benchmarks at their highest intraday levels since June 2022. The spike unwound partially during Friday trading after Iran sent an updated peace proposal through Pakistani mediators.

The Axios report described the Cooper briefing as a meaningful shift in stated U.S. posture rather than an immediate decision to act. Sources told the outlet the briefing covered a range of options, with the “short and intense wave of strikes” framework explicitly intended to compress the action into a tight window that could be argued to fall outside extended-engagement provisions of the War Powers Resolution.

Markets read the briefing as confirmation that diplomatic patience in Washington is wearing thin. The April 10 ceasefire has held formally, but the underlying conflict has continued to intensify economically as the U.S. naval blockade persists, Iran retains effective control over the Strait of Hormuz, and final pre-blockade Persian Gulf cargoes reach their destinations.

“The market is now pricing a meaningful tail risk of expanded U.S. action,” one Goldman Sachs trader told clients in a note circulated Thursday afternoon. “The asymmetry has shifted: the floor is no longer the diplomatic-resolution scenario, it’s the active-conflict scenario.” Goldman now sees Brent averaging above $100 per barrel for full-year 2026, with the EIA forecasting a Q2 peak near $115 per barrel.

Refined product markets followed crude higher Thursday before pulling back Friday. Gasoline RBOB futures gained on the day; ULSD heating oil and jet fuel posted similar gains. AAA reported the U.S. retail gasoline national average reached $4.392 per gallon Friday May 1 — up roughly 25 cents in three days and the highest level since July 2022.

For continuing coverage, see our live oil prices, geopolitics dashboard, and full markets view.